Bursa Malaysia Stock Watch
RHBInvest Research Highlights 12th October 2011
kltrader
Publish date: Wed, 12 Oct 2011, 03:54 PM
kltrader
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12th October 2011
Top Story: Media ' Tough times ahead Underweight
Sector Update
'' In RHBRI's 4Q2011 Market Outlook & Strategy dated 29 Sep, we lowered our adex growth expectations for 2012 in tandem with a downward revision in our 2012 GDP growth forecast. Accordingly, FY12-13 earnings estimates for media stocks were trimmed by 2-13%, which led to lower fair values for media stocks.
Sector Call
Oil & Gas: Section 54A tax incentive rationalization Neutral
Sector Update
'' In the 2012 Budget, it was stated that the 100% income tax exemption under Section 54A of the Income Tax Act 1967 for shipping companies would be reduced to 70% from 2012 onwards. We spoke with some of the offshore marine companies ' those that currently enjoy this benefit are Dayang Enterprise (MP, FV = RM1.55) and Bumi Armada (Non rated). Perdana Petroleum confirmed to us that they do not benefit from the Section 54A tax incentive.
Corporate Highlights
Sime Darby: GO Not Required for Eastern & Oriental Outperform
News Update
'' Sime Darby announced that the Securities Commission has found that Sime and Dato' Terry Tham Ka Hon were not parties acting in concert and as such a mandatory offer obligation does not arise.
Sunway Bhd: Double happiness Outperform
News Update
'' Sunway announced that, together with Hoi Hup Realty and Oriental Worldwide Investments, the consortium has won the bid for a 99-year leasehold 4.3-acre residential site at Jalan Loyang Besar/Pasir Ris Rise for SG$141m under the GLS programme. Sunway will have an effective equity stake of 30%.
MISC: No reprieve from Section 54A Tax for the LNG segment for now Market Perform
Company Update (published 11 Oct 2011)
'' The only profitable shipping sub-segment of MISC, i.e. LNG, is bracing itself for the full impact of the change in Section 54A of the Income Tax Act 1967 proposed in the just announced Budget 2012 that entails only 70% of the statutory income of shipping companies to be exempted from tax, vis-''-vis 100% tax-free previously.
KNM: Conditional Orizon Renewable Energy win Underperform
News Update
'' Yesterday, KNM announced that it had secured a conditional EPCC award from Octagon Consolidated, for a waste-to-energy plant in Sri Lanka . The project, worth US$200m (around RM638m), is subject to financial close (estimated to be achieved by Dec) and is expected to be for 2-3 years. This would be KNM's second win from Octagon Consolidated. We expect the project to take off by late 1QCY12 at the earliest.
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